What is a Crypto wallet and how to get one?

A crypto wallet is your personal proof of your crypto holdings.

Technically it is an encrypted pair of keys, one is a Public key the other is your private key which you never ever under no circumstances give to anyone.

A public crypto wallet key

This is actually my “social begging account“, feel free to tip me some ETH, but generally, a public key of an account looks like this:

0xe2375f68292293b9d4d58187D018017EcD1acA46

All wallet is solely owned by the one who owns the password, but all transactions going in and out of it are public knowledge by the blockchain. Click on the address above and you’ll be redirected to Etherscan, where you can brows all transactions ever made on the Ethereum network.

The wallet is recognized by the blockchain (→ millions of computers connected to each other to agree on everything, and no human can change their minds), and they agree on how many tokens (→ cryptocurrency) that wallet contains.

Cryptocurrency wallet types

In 3 sentences, there are 3 types of cryptocurrency wallets.

Centralized cryptocurrency wallets are backed by a company, like a trading company or a financial company. They offer customer service and even crypto-based credit cards, but like a bank, if the company goes bankrupt you might lose your assets stored in their wallets. Even tho the wallet uses the same blockchain, like Ethereum or Bitcoin. Companies like these are Coinbase and Binance, I use them both like “regular” banks, it’s all free till a point.
Decentralized cryptocurrency wallets are based on smart a contract between only you and the computers, so no man can change it. This offers more privacy and independency from 3rd party companies. Also comes with more personal responsibilities, like there are already a lot of Bitcoin “lost forever” since they are stored on wallets whose passwords are lost forever. I use Metamask too, it has a mobile app and PC browser extension. If you should register, register through PC, and follow the onscreen instructions so you don’t have to type your secret phase.
Physical wallets like Ledger are sometimes USB-connectable small devices like a thumb drive which is physical proof of your ownership of that wallet. They offer the most reliable security (not that anyone can possibly break your wallet if you are smart)

If you register for their service by following these links, we might get some bonus if we start using their services. Do that.

All wallet types are connected to their respective blockchain, and many of them can connect to more than one (like there is a possibility that your wallet can store Bitcoin but not Ethereum, and vice versa).

How a crypto wallet accessed by a browser plugin looks like?

In this example, you see a browser plugin-based Metamask wallet (installed between the adblockers and the Coinbase wallet).

Cryptocurrency wallet extension plugin example

What blockchain network will I use?

All main big Cryptocurrencies have their own blockchain with their own tokens. Bitcoin is a token, and Ethereum is a token. Upon selecting your wallet’s type you should consider your goals and direction, and choose your wallet type in consideration of the networks it can connect to.

Some big blockchains like Ethereum have some “layer 2” chains, like Polygon or Optimism, with their own tokens, and their own technological visions. Whichever networks you use, you cast your vote on that technology.